Banc of California (NYSE:BANC) Price Target Raised to $20.00

Banc of California (NYSE:BANC) had its price objective hoisted by research analysts at Keefe, Bruyette & Woods from $17.50 to $20.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 17.79% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. DA Davidson boosted their price target on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Stephens boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Wedbush raised their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Raymond James boosted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial increased their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.60.

Banc of California Stock Performance

Shares of NYSE BANC remained flat at $16.98 during trading on Wednesday. The company’s stock had a trading volume of 78,893 shares, compared to its average volume of 2,333,009. The firm has a market cap of $2.70 billion, a PE ratio of -4.00 and a beta of 1.14. The company has a 50-day moving average price of $15.57 and a two-hundred day moving average price of $14.31. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a twelve month low of $11.88 and a twelve month high of $18.08.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The business had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter last year, the company earned $0.30 EPS. As a group, research analysts expect that Banc of California will post 0.7 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Basswood Capital Management L.L.C. grew its holdings in Banc of California by 589.8% during the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock worth $25,526,000 after acquiring an additional 1,481,692 shares during the period. Wellington Management Group LLP acquired a new position in shares of Banc of California during the 3rd quarter worth $21,207,000. Verition Fund Management LLC increased its holdings in shares of Banc of California by 93.2% in the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock valued at $36,477,000 after purchasing an additional 1,194,839 shares in the last quarter. Azora Capital LP acquired a new stake in shares of Banc of California in the third quarter valued at about $12,494,000. Finally, American Century Companies Inc. lifted its stake in shares of Banc of California by 25.9% in the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after purchasing an additional 663,061 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.